The Lovejoy building, a 83,639-square-foot building at 1331 NW Lovejoy Street in Portland’s Pearl District has been transferred to its lender in a foreclosure sale.
Wilmington Trust, a registered holder of RBS Commercial Funding Inc., took back The Lovejoy building for $16.81 million through a foreclosure sale., reported the Portland Business Journal. The Lovejoy was previously owned by Seattle-based Unico Properties, which defaulted on a $24 million loan.
Last August, Wilmington Trust filed a lawsuit to put a receiver in place to manage the property. The receiver, Melissa Batchelor with Cushman & Wakefield, was appointed in early October.
Built in 2008, the Lovejoy consists of three floors of office and retail atop garage parking. The structure is LEED Gold certified and features a seventh floor garden terrace. The building had an occupancy of 61% as of June 2024.
The post Office Building in Portland’s Pearl District Bought in Foreclosure Sale appeared first on Connect CRE.
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